The New Hampshire Retirement System is the latest pension group to redeem assets from Fisher Investments in the wake of Chairman Ken Fisher’s lewd remarks at a recent industry event, according to a report.
The state is yanking $239 million, which accounted for about 2.6% of the system’s assets, Bloomberg said in its coverage. This brings the total redemptions to over $2 billion, out of the roughly $114 billion managed by the firm.
“The recent statements made by Ken Fisher are not only offensive and inappropriate, they are incompatible with the values of the retirement system and bring into question Mr. Fisher’s judgment,” according to a statement from the New Hampshire Retirement System.
Fisher has been working since 2001 with the group, which manages a total of $9.2 billion in assets, Bloomberg says.
Other pension systems that have pulled assets from Fisher Investments include those in Iowa, Michigan, Boston and Philadelphia.
Last week, investment consultancy NEPC — which has some 350 clients — recommended that investors with assets being managed by Fisher end the relationship, Bloomberg reported. Citing a letter Fisher wrote to investors as he came under criticism, NEPC said the response “showed a lack of understanding and appropriate contrition for his behavior.”
Overall, Fisher Investments managed close to $11 billion for 36 state and city entities last year, according to a filing with the Securities and Exchange Commission.
Fisher made the crude comments at a fireside chat during the Tiburon CEO Summit on Oct. 8. The following day, attendee and advisor Alex Chalekian posted a video on Twitter criticizing the remarks; it has more than 150,000 views.
Afterward, Fisher questioned the negative attention his comments were receiving, before apologizing. He has been barred from future events organized by Tiburon Strategic Advisors.
— Related on ThinkAdvisor: